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Former Member
Venezuela is in a death spiral that shows no signs of healing. President Nicolas Maduro erased any remnants of democracy in late July, stripping political opponents of power and establishing a new legislature filled with his cronies. Dozens of nations, including the US, labeled Maduro’s regime a dictatorship after the July 30 power grab. More than 120 Venezuelans have died since protests ratcheted up in March that sought – to no avail -- to prevent Maduro’s consolidation of power.
But Maduro’s cemented regime still faces the same problems it started years ago: An exodus of its educated class combined with mass shortages of food, medicine, money and -- most importantly -- time.
Former Member
Chavez, who is still revered in Venezuela, is perhaps most lauded for making housing affordable for many urban Venezuelans. But in doing so, he began a years-long spending spree, doling out subsidies to the poor while fixing prices on everything from coffee to corn to a tank of gas. He shored up ties with Russia and China while distancing his country from the US. His government also nationalized many industries, then mismanaged them, leaving them to rot.
The excessive spending was barely sustainable when Venezuela’s only source of income -- oil -- was valued over $100 a barrel. But oil is now worth less than $50 a barrel. Maduro’s regime continues to dole out heavily subsidized food and force some products to be sold for a pittance.
That domino effect has created a worthless currency. On July 24, the day I arrived in Venezuela, a dollar equaled 8,820 bolivars. As I write this on September 6, a dollar fetches nearly 20,000 bolivars. In other words, the bolivar is worth less than a hundredth of a penny.
Former Member
The dramatic collapse here is all the more painful knowing what lies beneath the ground. Venezuela has more crude oil reserves than any other nation in the world. It was once Latin America’s richest nation. It’s no surprise, then, that Bill Clinton made Caracas -- a city of incredible physical beauty -- his first stop on a trip to South America in 1997.
The Venezuelans should have focused on four things. Free education, affordable housing, food subsidies for the poor and free basic healthcare. All other aspects of the Venezuelan society should have remained capitalist oriented.
Former Member
Venezuelan President Nicolas Maduro said last Thursday that Venezuela will be looking to “free” itself from the U.S. dollar next week. According to Reuters, Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in a multi-hour address to a new legislative “super body.” He reportedly did not provide details of this new proposal.Maduro hinted further that the South American country would look to using the yuan instead, among other currencies.
If they pursue us with the dollar, we’ll use the Russian ruble, the yuan, yen, the Indian rupee, the euro,” Maduro also said.
I hope India is not stupid enough to support him in this nonsense.
In order for socialism to work you have to have zero corruption in a society. Humans are humans they will always try to exploit the system for independent gain.
Former Member
MADburro will run his mouth but he will continue to use the US$. He is massively indebted and the debt is dominated I bet in US$. His biggest export market is the USA which definitely pays him in US$.
These screams are for the few people who still support him. The rest are too busy battling the rats for the few scraps of food still left in the garbage.
Reports are that before the garbage is thrown into the dump the sanitation workers allow people to sort out what food articles they want.
The IMF once told a young Carl (at that time) that they want payment in US dollars not Guyana dollars.
caribny posted:MADburro will run his mouth but he will continue to use the US$. He is massively indebted and the debt is dominated I bet in US$. His biggest export market is the USA which definitely pays him in US$.
These screams are for the few people who still support him. The rest are too busy battling the rats for the few scraps of food still left in the garbage.
Reports are that before the garbage is thrown into the dump the sanitation workers allow people to sort out what food articles they want.
I saw a photo of a Venezuelan man finding a McDonald's drink in the garbage. That is what is happening now.
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